Equity: Exposure to the long-term economic growth and profitability of companies

Interest Rates: Exposure to the time value of money (interest rates and inflation risk)

Credit: Exposure to corporate default and failure-to-pay risks specific to developed market corporate bonds

Commodities: Exposure to changes in prices for hard assets

Emerging Markets: Exposure to the sovereign and economic risks of emerging markets relative to developed markets

Foreign Currency: Exposure to moves in foreign currency values versus the portfolio’s local currency

Local Inflation: Exposure to inflation rates within the local economy in relation to real rates (only available in USD or GBP)

Equity Short Volatility: Negative exposure to the moves in equity market volatility

Local Equity: Exposure to home bias (the tendency to invest in domestic over foreign equity)

Low Risk: Exposure to stocks with low betas to the global equity market and low residual return volatility

Momentum: Exposure to stocks that have outperformed over the past year

Quality: Exposure to stocks with high earnings quality, investment quality, and profitability and low earnings variability and leverage

Value: Exposure to stocks that have underperformed over the past 4 years and that have high book to price ratios, earnings yields, and dividend yields

Small Cap: Exposure to stocks with small market capitalization